Kingston Housing Starts to Rebound in 2016

TORONTO, ONTARIO--(Marketwired - Oct. 26, 2015) - Total housing starts within the Kingston Census Metropolitan Area (CMA) are expected to see a strong rebound in 2016 to 795 units - up from 650 units in 2015 - before moderating slightly in 2017, according to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook. Apartment starts will drive most of the increase, while single-detached and row houses will see fewer starts as consumer preferences shy away from ground-oriented housing in favour of high density structures.

MLS sales will remain flat over the forecast period. In 2016, the number of existing homes sold will decrease slightly to 2,950 units from 3,000 units in 2015, with a modest downward adjustment in 2017. The resale market is expected to remain balanced as existing home price increases fall short of inflation.

"Kingston's housing market will witness an increase in housing starts led by new apartment units in 2016, while moderating somewhat in the following year. Home sales, after a short pause in 2015, will continue trending lower well into 2017, said Aris Gianneskis, CMHC's Market Analyst for Kingston. "A stable labour market and slightly higher earnings, in addition to favourable borrowing conditions, are all factors contributing to a stable outlook moving into next year."

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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